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    European Equities: Futures Point to the Red, with Capitol Hill and Stats in Focus

    Abstract:After an impressive start to the week, the futures point to the red. U.S stimulus talk brings the economic outlook and stats back into focus.

      Economic Calendar:Tuesday, 10th November

      German ZEW Current Conditions (Nov)

      German ZEW Economic Sentiment (Nov)

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      Eurozone ZEW Economic Sentiment (Nov)

      Thursday, 12th November

      German CPI (MoM) (Oct) Final

      ECB Economic Bulletin

      Eurozone Industrial Production (MoM) (Sep)

      Friday, 13th November

      ECB President Lagarde Speaks

      French CPI (MoM) (Oct) Final

      French HICP (MoM) (Oct) Final

      Spanish CPI (YoY) (Oct) Final

      Spanish HICP (YoY) (Oct) Final

      Eurozone GDP (YoY) (Q3) 2nd Estimate

      Eurozone Trade Balance (Sep)

      [fx-article-ad]The Majors

      It was a particularly bullish day for the European majors on Monday. The CAC40 surged by 7.57% to lead the way, with the DAX30 and EuroStoxx600 rallying by 4.94% and by 3.98% respectively.

      Economic data was on the lighter side, which failed to provide the majors with direction, leaving the markets in the hands of politics and COVID-19.

      News from Pfizer of successful COVID-19 vaccine trials delivered the support to the majors at the start of the week.

      Pfizer.inc reported a 90% efficacy rate in late-stage trials, which offset dire COVID-19 numbers recorded in the U.S and beyond.

      The Stats

      It was a relatively quiet day on the Eurozone economic calendar. Key stats included German trade figures for September.

      In September, Germanys trade surplus widened from €15.4bn to €17.8bn. Economists had forecasted a widening to €15.8bn.

      According to Destatis,

    •   Exports rose by 2.3% to €109.8bn, while imports fell by 0.1% to €89.0bn compared with the previous month.

    •   Germany exported goods to the value of €59.1bn to EU member states, while importing goods to the value of €48.7bn.

    •   Exports to euro area countries fell by 4.5% to €41.1bn, while German imports fell by 4.4% to €32.6bn.

    •   Exports to EU countries not belonging to the EU fell by 0.4% to €18.0bn, with imports falling by 1.1% to €16.1bn.

    •   With non-EU countries, exports fell by 4.4% to €50.7bn, with imports sliding by 5.4% to €40.3bn.

      On the monetary policy front, ECB President Lagarde avoided monetary policy in a scheduled speech on Monday.

      From the U.S

      There were no material stats to provide the European majors with direction late in the day.

      The Market Movers

      For the DAX:It was a particularly bullish day for the auto sector on Monday. .Continentalsurged by 8.32% to lead the way. BMWand Volkswagenrallied by 5.49% and by 5.30%, withDaimler gaining a more modest 3.83%.

      It was also a bullish day for the banks. Deutsche Bankrallied by 4.78%, with Commerzbanksurging by 15.37%

      From the CAC, it was a particularly bullish day for the banks. BNP Paribasand Credit Agricolesurged by 17.98% and by 13.67% respectively. Soc Genjumped by 18.41%, however, to lead the way.

      It was also a bullish day for the French auto sector. Peugeotrallied by 7.53%, with Renaultending the day up by 15.10%.

      Air France-KLMwas amongst the biggest gainers on the day, surging by 27.48%, with Airbus SErallying by 18.57%.

      On the VIX Index

      It was a 1st day in the green from seven for the VIX on Monday. Partially reversing a 9.86% slide from Friday, the VIX rose by 3.58% to end the day at 25.75. A late bounce back delivered the upside for the day.

      On Monday, the NASDAQ fell by 1.53%, while the Dow and the S&P500 saw gains of 2.95% and 1.17% respectively.

      Trailing the European majors on the day, concerns over U.S stimulus pinned back the U.S majors late in the day.

      From earlier in the day, Pfizers news of progress towards an effective vaccine had driven demand for the majors.

      [fx-image src=https://www.tradingview.com/x/UoOGVqpd/ data-zoom-target=https://www.tradingview.com/x/UoOGVqpd/ originalWidth=941 ratio=1.52]

      The Day Ahead

      Its a relatively busy day ahead on the Eurozone economic calendar. Key stats include ZEW Economic Sentiment figures for Germany and the Eurozone.

      With the 2nd wave of the COVID-19 pandemic hitting Europe, expect the numbers to influence.

      From the U.S, JOLTs job openings for September should have a muted impact, barring a marked decline in openings.

      Away from the economic calendar, the key risk drivers remain. Updates on Brexit, COVID-19, and U.S politics will continue to be in focus.

      The Futures

      In the futures markets, at the time of writing, the Dow was up by 14 points, while the DAX was down by 160.5 points.

      For a look at all of todays economic events, check out our economic calendar.

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